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Bitcoin Bounce Fails While Trading Volume Remains Low — Crypto Market Daily

2020.06.26 Robbie Liu

The price of Bitcoin (BTC) is trading at $9,205.86 as of 8:56 am UTC, per OKEx’s BTC Index Price. The first and foremost cryptocurrency is up a slight 0.33%.

The volatility of Bitcoin’s price has started to decrease following yesterday’s spike. However, we may see volatility increase as a record amount in BTC options contracts is set to expire today.

Bitcoin’s 24h volatility (BVOL24H) chart. Source: TradingView

Going hand in hand with the price of Bitcoin, the broader cryptocurrency market is also experiencing a relative flattening — with most major altcoins experiencing fluctuations of under +/-1%. Ether (ETH) is down -0.47% and Bitcoin Cash (BCH) is down -0.44% while the rest of the altcoin market shows similar declines.

OKEx Token Index prices. Source: OKEx

The total cryptocurrency market capitalization has increased by 0.4% to $266,018,645,195, per data sourced from CoinGecko. Likewise, Bitcoin’s dominance is still sitting at 63.8% — the same as yesterday.

Total cryptocurrency market capitalization over the last 24h. Source: CoinGecko

Top gainers and losers

  • ARK/USDT +40.05%
  • DEP/USDT +22.67%
  • TMTG/USDT +17.81%
  • CMT/USDT -5.59%
  • HDAO/USDT -9.72%
  • MOF/USDT -16.68%

ARK (ARK) has jumped a huge 40.05% while most major altcoins have remained flat. Likewise, Deapcoin (DEP) and The Midas Touch Gold (TMTG) increased by 22.67% and 17.81%, respectively — the latter of which was yesterday’s biggest loser, having dropped -30.10%.

Today’s biggest loser is Molecular Future (MOF), which was yesterday’s top gainer. 

BTC technical analysis

When taking a look at the daily time frame, the price of Bitcoin is currently testing a bottom ascending support line. This line has acted as the lower boundary throughout BTC’s price consolidation in this range. Should the market leader close below this support line, we may see a fairly rapid sell-off toward the lower $8,000 range.

Consolidation pattern on the daily OKEX:BTCUSD2W price chart. Source: TradingView

Trading volume remains low, and the possibility remains that over-eager sellers looking to short could find themselves trapped with a quick reversal. However, one might construe yesterday’s bounce attempt as a failure.

OKEx BTC-USDT 15m price chart. Source: OKEx

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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